my motorcycle got stolen off me so i reported it to my insurance company who then paid out my claims cheque. i received my cheque from them within the next couple of days and put it in my bank well about 2days after cashing in my cheque i received a letter explaining that my bike had been recovered im worried the bikes gonna be badly damaged and im goin to have alot to pay for it to b repaired and also im not sure wat the insurance company will say do you know if they will want the money back which they paid me or will they let me keep it to repair my bike???
2006-11-05 23:38:22 · 13 answers · asked by Llush 3 in Cars & Transportation ➔ Insurance & Registration
I think the bike is now legally owned by the insurance company. I would get the damage valued, if it is a write off you don't have to worry, but I would contact them and discuss this or even better phone another insurance company for advice and ask the same question. Ask them what if the bike you are going to insure is stolen and then recovered etc.
Good luck. My bike never turned up again. So I guess I was lucky. ;-)
2006-11-05 23:52:16 · answer #1 · answered by lauti1970 2 · 0⤊ 0⤋
Once your Insurance Company has paid out, the motorcycle belongs to them. Send ALL the paperwork to them.
My brother had his bike stolen last year. The Insurance Company paid out. Then a few months later the bike was recovered, so the Insurance Company took ownership of the remains.
2006-11-05 23:45:58 · answer #2 · answered by k 7 · 0⤊ 0⤋
As others have said, when the insurance issued you a total loss check, and you endorsed and cashed it, the bike became the property of the insurance company. Call them, and let them worry about condition, etc. If by chance you want it back, they might be willing to sell it to you. My advice though, since you have no idea of the condition of it now would be to tell them it's been recovered, walk away from it and buy something else.
2006-11-06 01:48:24 · answer #3 · answered by oklatom 7 · 0⤊ 0⤋
The motorcycle in question is not your property now! It is the property of the insurance company. Since they have paid you out the money is yours! All you have to do is inform them that the bike has been recovered and tell them to come round and pick it up! Have a good day!
2006-11-05 23:50:30 · answer #4 · answered by wheeliebin 6 · 1⤊ 0⤋
If you are a competent DIY er you might like to buy the bike back off the Insurance company but if not just buy something else, it is just too easy to realise it has a bent frame when you have completed the rebuild and spent a shed full of cash.
2006-11-06 11:21:23 · answer #5 · answered by "Call me Dave" 5 · 0⤊ 0⤋
If the insurer has issued the check, they have in effect bought the bike off you. So no need to worry if it is damaged or not. It will be up to the insurrer whether they wish to scrap or repair
2006-11-05 23:42:42 · answer #6 · answered by Anonymous · 2⤊ 0⤋
they will take your bike to a garage have it assessed (insurance company) and give you a price to buy it back but you do not have to buy it back if you dont want depending on damage so give them a ring tell them the bike has been found and they will sort the rest out
2006-11-05 23:43:42 · answer #7 · answered by lre1979 3 · 0⤊ 0⤋
You spend the money on what you want,give insurance a bell let them know about bike.
2006-11-05 23:48:00 · answer #8 · answered by Anonymous · 1⤊ 0⤋
The bike now belongs to your insurance company, let them know it has been recovered, their problem not yours.
2006-11-05 23:43:03 · answer #9 · answered by RRM 4 · 2⤊ 0⤋
the insurance company now legally own your bike thats what the payout to you is for
2006-11-06 16:25:16 · answer #10 · answered by Anonymous · 0⤊ 0⤋